Surgical Equipment Market to Reach $15,737.1 Million, by 2023 at 7.0% CAGR, Says Allied Market Research

September 07 03:16 2019
Surgical Equipment Market to Reach $15,737.1 Million, by 2023 at 7.0% CAGR, Says Allied Market Research

Surgical Equipment Market
Due to the rapid technological advancements in healthcare industry and the growth in geriatric population, the Surgical Equipment market is expected to have a healthy growth rate during the forecast period.

According to a new report published by Allied Market Research, titled, Surgical Equipment Market by Product, Category, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global surgical equipment market valued at $9,783.8 million in 2016, and is estimated to reach $15,737.1 million by 2023, at a CAGR of 7.0% during the forecast period. The surgical sutures & staplers segment accounted for two-fifths of the total market share in 2016.

The global surgical equipment market is segmented based on product, category application, and geography. Depending on product, the market is categorized into surgical sutures & staplers, handheld surgical devices, and electrosurgical devices. The handheld surgical instruments segment accounted for the one-third of the total market share. Increasing demand for handheld surgical instrument is attributed to frequent incorporation of the same in various surgeries including cardiovascular surgeries, microvascular surgeries, and laparoscopic surgeries among others.

Surgical equipment are tools that are designed to view internal body organs or modify biological tissues. They are used for various surgical procedures such as neurosurgery, urology, laparoscopic, plastic surgery, cardiovascular, and others. Surge in prevalence of chronic disorders among geriatric population, increase in number of surgical procedures, and increase in demand for surgical procedures such as minimally invasive surgeries and laparoscopic surgeries act as the major drivers of the global surgical equipment market. However, uncertainty in reimbursements and highly competitive environment regarding price of surgical equipment restrict the market growth.

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The applications covered in the study include neurosurgery, plastic & regenerative surgery, wound closure, urology, obstetrics & gynecology, thoracic surgery, microvascular, cardiovascular, orthopedic surgery, laparoscopy, and others. The laparoscopy surgery segment held the largest market share in 2016, accounting for one-fifths of the total market. However, plastic & reconstructive surgery is estimated to grow at the fastest pace during the forecast period, owing to rise in number of aesthetic/cosmetic surgical procedures across the globe.

Geographically, the surgical equipment market is studies across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the surgical equipment market in 2016, accounting for three-sevenths of the total market. This was attributed to well-established healthcare system in North America, high adoption of innovative minimal invasive & laparoscopic surgical procedures, rise in prevalence of chronic diseases & related surgical procedures, and surge in demand for plastic & reconstructive & bariatric surgeries.

Similarly, the growth of the surgical equipment market in the European region was attributed to increase in geriatric population and high demand for minimally invasive surgeries.

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Moreover, significant investments on R&D in the medical sector and modernization of healthcare facilities have positively impacted the market. However, Asia-Pacific and LAMEA are expected to possess the maximum growth potential. The robust growth rate displayed by Asia-Pacific region in surgical equipment market is attributed to substantial increase in expenditure to improve healthcare infrastructure and surge in demand for improved healthcare services.

Leading market players:-

Leading market players analyzed in the research include Medtronic Plc., Stryker Corporation, Johnsons & Johnsons, Conmed Corporation, Alcon Laboratories Inc., Smith & Nephew PLC, Zimmer Holdings Inc., Boston Scientific Corporation, B. Braun Melsungen AG and KLS Martin Group, Johnsons & Johnsons, and Smith & Nephew

Other Leading market players:-

Abbott Laboratories, Applied Medical Resources Corporation, Microline Surgicals, Inc. (Subsidiary of Hoya Corporation), Olympus Corporation, Karl Storz GmbH & Co. Kg, Cook Medical Incorporated, Aspen Surgical Products, Inc, Becton, Dickinson and Company, Intuitive Surgical, and Teleflex Incorporated.

 

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